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Saudi mall owners continue building despite oil rout

Tue, Dec 15, 2015 - 5:50 AM

Cranes stand beside new high rise buildings under construction in the King Abdullah financial district of Riyadh, Saudi Arabia. Riyadh is expected to add 565,000 square metres of gross leasable area through 2017, while the coastal city of Jeddah is set to complete 383,000 square metres, according to broker Jones Lang LaSalle.

PHOTO: BLOOMBERG

Dubai

THE highway that cuts through the middle of Riyadh, the Saudi Arabian capital, takes drivers past two shopping malls and another one under construction, each rising up soon after the last fades in the rear-view mirror.